Monopoly Game Expansion #5: Income Tax Edition

Posted in Family, Finance, Games, Hobbies, Income, Monopoly, Taxes
by Penelope Pince

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Monopoly Deluxe Edition at Amazon.com
Expansion difficulty/complexity level: Medium-Easy

This is a fairly easy expansion to teach youngsters the principles of filing and paying . It includes an form on which players keep track of and deductions, figure and pay their at the end of each circuit of the board. Players may opt to hire themselves out as preparers and those who do not wish to file their own returns may hire and pay preparers to do so, the cost of which is deductible, of course.

Please note that this is not a representation of real-life . It is a simplified simulation meant to educate on the basic principles of and and should not be taken as a source for information.

How to Play the Expansion

  1. Download and print out a set of Personal Income Tax Form and Instructions (pdf format) for each player.
  2. The is played as usual, but players record all , payments of and applicable expenses.
  3. When a player passes “Go,” he pauses to calculate and pay his for the circuit just completed.
  4. The only difference in this is the square. When a player lands on , he will receive an Refund of $200 instead of paying it.

Paid Preparers

Players may hire themselves out as paid preparers and other players may hire preparers to calculate and prepare their on their behalf.

  • preparers can set their own rates for preparation.
  • Players who hire paid preparers may deduct the preparer costs from their taxable (on Line 3).

Personal Form Instructions

Click on the image below to view a sample form

  • Lines 1a and 1b (1-15). Record and deductible transactions as they occur.
    • counts as all money received (rent, bribes, parking, , investments, etc.) with the exception of refunds.
    • Deductions are other paid, such as Poor , School , Luxury , street and housing repairs, etc.
  • Line 2. Figure your taxable .
    • 2a. Add up all .
    • Line 2b. Add up all deductions.
    • Line 2c. Subtract 2b from 2a to figure your taxable .
  • Line 3. Enter the amount paid to the preparer, if any. Pay this amount to your preparer, if applicable.
  • Line 4. Subtract the amount of Line 3 from Line 2c.
  • Line 5. Figure the , which is 10% of taxable ; multiply .1 by the amount on Line 4.
  • Line 6. Previous unpaid . Enter the amount of on Line 10 from your previous period, if any, that was not paid last period.
  • Line 7. Total due. Add the amounts on Line 6 and Line 7. This is the amount you owe.
  • Line 8. Total paid. The amount you wish to or can afford to pay at this time. Pay this amount to the bank.
  • Line 9. Remaining unpaid . Subtract the amount on Line 8 from Line 7.
  • Line 10. Balance to forward to next period. The amount on Line 9 plus 10% penalty (the amount on Line 9 multiplied by .1)

Visit OurFourpenceWorth.com/Monopoly for more Money Management and Investment !

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